Only one UK fund manager produced a positive investment return in 2001's first quarter, according to mixed pooled fund results released by the Combined Actuarial Performance Services.

The J Rothschild (GAM) fund was the only fund to show positive results, with a return of 6.1%, against a median of -7.2%. Caps said that this was the poorest start to a year since 1974. However, the fund managers of pooled funds did beat the FTSE All-Share index, which returned -8.4% for the quarter.